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Oil producers fail to agree deal to freeze output after Saudi Arabia-Iran standoff
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Image: Most Opec members want to cap output and raise the oil price. Photograph: Sergei Karpukhin/Reuters
theguardian.com - April 17th 2016 - Simon Goodley
The world’s major oil producing nations failed to strike an agreement on Sunday night to freeze production, saying they needed more time to agree a deal to try to buoy the price of oil.
What producers had hoped would be the first deal in 15 years ran into difficulty after Saudi Arabia – the largest exporter of oil – demanded that Iran join an agreement to freeze output.
Iran has been reluctant to agree to hold back on oil production while it attempts to return its market share to pre-sanction levels.
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